HeCoS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HeCoS
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+204%), from €890,717 to €2.7m
of which Land and buildings: +€1.6m
- Receivables within one year +€949,375
up €949,375 (+252%), from €376,551 to €1.3m
of which Trade receivables: +€1.0m
- Receivables after one year +€547,599
up €547,599 (+80.5%), from €680,382 to €1.2m
- Cash -€186,135
down €186,135 (-34.3%), from €542,778 to €356,642
mainly Investment in fixed assets (net) (-€2.3m) and Receivables within one year (-€949,375)
- Intangible fixed assets +€147,278
up €147,278 (+426%), from €34,562 to €181,840
- Debts after one year +€2.5m
new in 2025: €2.5m
- Investment grants +€459,800
new in 2025: €459,800
- Accrued charges and deferred income +€415,762
up €415,762 (+1,518%), from €27,395 to €443,157
- Profit (loss) carried forward -€61,477
down €61,477, from €19,674 to -€41,803
- Turnover +€446,601
up €446,601 (+347%), from €128,884 to €575,485
- Depreciation +€224,231
up €224,231 (+1,046%), from €21,428 to €245,659
- Services and other goods +€148,362
up €148,362 (+135%), from €109,547 to €257,910
- Goods and materials +€119,869
up €119,869 (+514%), from €23,323 to €143,191
- Financial charges +€56,109
up €56,109 (+5,906%), from €950 to €57,059
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,535,351 | €5,884,800 | +€3.3m | +132% |
| Fixed assets | 21/28 | €925,279 | €2,952,069 | +€2.0m | +219% |
| Intangible fixed assets | 21 | €34,562 | €181,840 | +€147,278 | +426% |
| Tangible fixed assets | 22/27 | €890,717 | €2,708,729 | +€1.8m | +204% |
| Land and buildings | 22 | €113,551 | €1,714,248 | +€1.6m | +1,410% |
| Plant, machinery and equipment | 23 | - | €528,803 | +€528,803 | |
| Assets under construction and advance payments | 27 | €777,166 | €465,678 | -€311,488 | -40.1% |
| Financial fixed assets | 28 | - | €61,500 | +€61,500 | |
| Affiliated companies | 280/1 | - | €61,500 | +€61,500 | |
| Participating interests | 280 | - | €61,500 | +€61,500 | |
| Current assets | 29/58 | €1,610,072 | €2,932,731 | +€1.3m | +82.1% |
| Amounts receivable after more than one year | 29 | €680,382 | €1,227,981 | +€547,599 | +80.5% |
| Trade receivables | 290 | €680,382 | €1,227,981 | +€547,599 | +80.5% |
| Amounts receivable within one year | 40/41 | €376,551 | €1,325,927 | +€949,375 | +252% |
| Trade receivables | 40 | €258,070 | €1,296,233 | +€1.0m | +402% |
| Other amounts receivable | 41 | €118,481 | €29,693 | -€88,788 | -74.9% |
| Cash at bank and in hand | 54/58 | €542,778 | €356,642 | -€186,135 | -34.3% |
| Deferred charges and accrued income | 490/1 | €10,360 | €22,181 | +€11,821 | +114% |
| Total equity and liabilities | 10/49 | €2,535,351 | €5,884,800 | +€3.3m | +132% |
| Equity | 10/15 | €2,020,710 | €2,419,032 | +€398,323 | +19.7% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €1,035 | €1,035 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,035 | €1,035 | = | 0.0% |
| Legal reserve | 130 | €1,035 | €1,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,674 | -€41,803 | -€61,477 | |
| Investment grants | 15 | - | €459,800 | +€459,800 | |
| Amounts payable | 17/49 | €514,641 | €3,465,768 | +€3.0m | +573% |
| Amounts payable after more than one year | 17 | - | €2,530,000 | +€2.5m | |
| Financial debts | 170/4 | - | €2,530,000 | +€2.5m | |
| Subordinated loans | 170 | - | €2,530,000 | +€2.5m | |
| Amounts payable within one year | 42/48 | €487,246 | €492,611 | +€5,365 | +1.1% |
| Trade debts | 44 | €479,629 | €490,212 | +€10,582 | +2.2% |
| Suppliers | 440/4 | €479,629 | €490,212 | +€10,582 | +2.2% |
| Taxes, remuneration and social security | 45 | €7,617 | - | -€7,617 | |
| Taxes | 450/3 | €7,617 | - | -€7,617 | |
| Other amounts payable | 47/48 | - | €2,400 | +€2,400 | |
| Accrued charges and deferred income | 492/3 | €27,395 | €443,157 | +€415,762 | +1,518% |
| Operating income | 70/76A | €128,884 | €575,485 | +€446,601 | +347% |
| Turnover | 70 | €128,884 | €575,485 | +€446,601 | +347% |
| Operating charges | 60/66A | €154,543 | €648,155 | +€493,613 | +319% |
| Goods for resale, raw materials and consumables | 60 | €23,323 | €143,191 | +€119,869 | +514% |
| Purchases | 600/8 | €23,323 | €143,191 | +€119,869 | +514% |
| Services and other goods | 61 | €109,547 | €257,910 | +€148,362 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,428 | €245,659 | +€224,231 | +1,046% |
| Other operating charges | 640/8 | €245 | €1,396 | +€1,151 | +470% |
| Operating profit (loss) | 9901 | -€25,659 | -€72,670 | -€47,011 | -183% |
| Financial income | 75/76B | €32,002 | €66,782 | +€34,780 | +109% |
| Recurring financial income | 75 | €32,002 | €66,782 | +€34,780 | +109% |
| Income from current assets | 751 | €32,002 | €66,781 | +€34,779 | +109% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €950 | €57,059 | +€56,109 | +5,906% |
| Recurring financial charges | 65 | €950 | €57,059 | +€56,109 | +5,906% |
| Debt charges | 650 | - | €56,063 | +€56,063 | |
| Other financial charges | 652/9 | €950 | €996 | +€46 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €5,394 | -€62,947 | -€68,341 | |
| Income taxes | 67/77 | €1,470 | -€1,470 | -€2,939 | |
| Taxes | 670/3 | €1,470 | - | -€1,470 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,470 | +€1,470 | |
| Profit (loss) for the period | 9904 | €3,924 | -€61,477 | -€65,401 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,924 | -€61,477 | -€65,401 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.